Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
C&D International Investment Group Ltd
Physical assets are 59.8% of total assets, a heavy footprint. Capex is 2.22x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by 0.98x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 168.05x.
Physical asset ratio
59.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$813.98MpropertyPlantAndEquipmentNetInventory$219.35BinventoryTotal assets$368.41BtotalAssetsResult 59.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
168.05xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$136.79BtotalRevenueNet PP&E$813.98MpropertyPlantAndEquipmentNetResult 168.05x
Revenue per dollar of the physical asset base.
Capex / D&A
2.22xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$326.15McapitalExpendituresD&A$146.98MdepreciationAndAmortizationResult 2.22x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$40.52Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$368.41BtotalAssetsGoodwill$690.23MgoodWillIntangibles$37.18MintangibleAssetsLiabilities$284.22BtotalLiabTangible book$83.46BShares2,059,569,000commonStockSharesOutstandingResult $40.52
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.33xPrice / tangible bookPrice / tangible book per sharePrice$13.45Latest quoteTangible book / share$40.522025-12-31Result 0.33x
Price $13.45.
Fixed-charge coverage
0.98xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.10BebitdaCapex$326.15McapitalExpendituresInterest$458.48MinterestExpenseShort-term debt$9.52BshortLongTermDebtEBITDA − capex$9.78BPrincipal due is the current portion of debt.Result 0.98x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
68.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$20.96BfreeCashFlowMarket cap$30.74BMarketCapitalizationResult 68.2%
Latest free cash flow divided by current market cap ($30.74B).
ROIC
7.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.96BoperatingIncomeTax expense$4.19BincomeTaxExpensePretax income$9.74BincomeBeforeTaxTax rate40.0%Equity$30.11BtotalStockholderEquityDebt$99.43BshortLongTermDebtTotalCash$50.65BcashInvested capital$78.90BThe effective tax rate was above 40% and was capped at 40%.Result 7.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 12.23x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 79.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$273.17MpropertyPlantAndEquipmentNetInventory$49.80BinventoryTotal assets$62.77BtotalAssetsResult 79.8% | 45.29xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$12.37BtotalRevenueNet PP&E$273.17MpropertyPlantAndEquipmentNetResult 45.29x | 1.19xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$27.39McapitalExpendituresD&A$22.95MdepreciationAndAmortizationResult 1.19x | $14.30Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.77BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$95.94MintangibleAssetsLiabilities$52.17BtotalLiabTangible book$10.51BShares734,864,745commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $14.30 | 1.74xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.63BebitdaCapex$27.39McapitalExpendituresInterest$517.46MinterestExpenseShort-term debt$1.55BshortTermDebtEBITDA − capex$3.60BPrincipal due is short-term debt.Result 1.74x | -$11.14BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$11.11BtotalCashFromOperatingActivitiesCapex$27.39McapitalExpendituresFree cash flow-$11.14BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$11.14B | 7.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.57BoperatingIncomeTax expense$1.51BincomeTaxExpensePretax income$3.09BincomeBeforeTaxTax rate40.0%Equity$6.09BtotalStockholderEquityDebt$27.95BshortLongTermDebtTotalCash$4.55BcashAndShortTermInvestmentsInvested capital$29.50BThe effective tax rate was above 40% and was capped at 40%.Result 7.3% | 13.08xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.57BoperatingIncomeNet PP&E$273.17MpropertyPlantAndEquipmentNetResult 13.08x |
| 2019 | 66.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$383.88MpropertyPlantAndEquipmentNetInventory$75.91BinventoryTotal assets$115.59BtotalAssetsResult 66.0% | 46.88xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$18.00BtotalRevenueNet PP&E$383.88MpropertyPlantAndEquipmentNetResult 46.88x | 0.95xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$55.37McapitalExpendituresD&A$58.10MdepreciationAndAmortizationResult 0.95x | $21.55Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$115.59BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$95.98BtotalLiabTangible book$19.61BShares909,864,745commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $21.55 | 4.67xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.84BebitdaCapex$55.37McapitalExpendituresInterest$361.33MinterestExpenseShort-term debt$448.99MshortTermDebtEBITDA − capex$3.78BPrincipal due is short-term debt.Result 4.67x | $1.19BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.25BtotalCashFromOperatingActivitiesCapex$55.37McapitalExpendituresFree cash flow$1.19BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.19B | 6.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.81BoperatingIncomeTax expense$1.43BincomeTaxExpensePretax income$3.43BincomeBeforeTaxTax rate40.0%Equity$7.30BtotalStockholderEquityDebt$38.52BshortLongTermDebtTotalCash$12.01BcashAndShortTermInvestmentsInvested capital$33.81BThe effective tax rate was above 40% and was capped at 40%.Result 6.8% | 9.94xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$3.81BoperatingIncomeNet PP&E$383.88MpropertyPlantAndEquipmentNetResult 9.94x |
| 2020 | 65.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$408.03MpropertyPlantAndEquipmentNetInventory$118.88BinventoryTotal assets$183.42BtotalAssetsResult 65.0% | 104.76xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$42.74BtotalRevenueNet PP&E$408.03MpropertyPlantAndEquipmentNetResult 104.76x | 0.90xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$64.46McapitalExpendituresD&A$71.50MdepreciationAndAmortizationResult 0.90x | $31.74Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$183.42BtotalAssetsGoodwill$578.00KgoodWillIntangibles$578.00KintangibleAssetsLiabilities$146.07BtotalLiabTangible book$37.35BShares1,176,711,106commonStockSharesOutstandingResult $31.74 | 1.43xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.69BebitdaCapex$64.46McapitalExpendituresInterest$655.76MinterestExpenseShort-term debt$3.27BshortTermDebtEBITDA − capex$5.63BPrincipal due is short-term debt.Result 1.43x | $4.21BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$4.27BtotalCashFromOperatingActivitiesCapex$64.46McapitalExpendituresFree cash flow$4.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.21B | 7.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.15BoperatingIncomeTax expense$2.21BincomeTaxExpensePretax income$4.96BincomeBeforeTaxTax rate40.0%Equity$17.82BtotalStockholderEquityDebt$53.35BshortLongTermDebtTotalCash$28.02BcashAndShortTermInvestmentsInvested capital$43.14BThe effective tax rate was above 40% and was capped at 40%.Result 7.2% | 12.63xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$5.15BoperatingIncomeNet PP&E$408.03MpropertyPlantAndEquipmentNetResult 12.63x |
| 2021 | 67.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$667.87MpropertyPlantAndEquipmentNetInventory$230.00BinventoryTotal assets$343.52BtotalAssetsResult 67.1% | 81.70xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$54.56BtotalRevenueNet PP&E$667.87MpropertyPlantAndEquipmentNetResult 81.70x | 1.18xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$90.20McapitalExpendituresD&A$76.39MdepreciationAndAmortizationResult 1.18x | $46.50Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$343.52BtotalAssetsGoodwill$648.82MgoodWillIntangibles$43.48MintangibleAssetsLiabilities$280.27BtotalLiabTangible book$62.56BShares1,345,401,000commonStockSharesOutstandingResult $46.50 | 1.18xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.54BebitdaCapex$90.20McapitalExpendituresInterest$612.17MinterestExpenseShort-term debt$4.86BshortLongTermDebtEBITDA − capex$6.45BPrincipal due is the current portion of debt.Result 1.18x | $6.41BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$6.50BtotalCashFromOperatingActivitiesCapex$90.20McapitalExpendituresFree cash flow$6.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.41B | 5.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.34BoperatingIncomeTax expense$1.71BincomeTaxExpensePretax income$5.85BincomeBeforeTaxTax rate29.1%Equity$26.61BtotalStockholderEquityDebt$85.18BshortLongTermDebtTotalCash$44.87BcashAndShortTermInvestmentsInvested capital$66.92BResult 5.6% | 7.99xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$5.34BoperatingIncomeNet PP&E$667.87MpropertyPlantAndEquipmentNetResult 7.99x |
| 2022 | 65.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$702.20MpropertyPlantAndEquipmentNetInventory$256.69BinventoryTotal assets$393.46BtotalAssetsResult 65.4% | 141.89xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$99.64BtotalRevenueNet PP&E$702.20MpropertyPlantAndEquipmentNetResult 141.89x | 0.95xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$113.35McapitalExpendituresD&A$119.04MdepreciationAndAmortizationResult 0.95x | $48.48Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$393.46BtotalAssetsGoodwill$690.23MgoodWillIntangibles$48.36MintangibleAssetsLiabilities$314.04BtotalLiabTangible book$78.68BShares1,623,012,000commonStockSharesOutstandingResult $48.48 | 1.39xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.41BebitdaCapex$113.35McapitalExpendituresInterest$801.08MinterestExpenseShort-term debt$5.89BshortLongTermDebtEBITDA − capex$9.29BPrincipal due is the current portion of debt.Result 1.39x | $3.41BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$3.52BtotalCashFromOperatingActivitiesCapex$113.35McapitalExpendituresFree cash flow$3.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.41B | 6.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.18BoperatingIncomeTax expense$2.92BincomeTaxExpensePretax income$8.49BincomeBeforeTaxTax rate34.5%Equity$31.64BtotalStockholderEquityDebt$92.25BshortLongTermDebtTotalCash$47.37BcashAndShortTermInvestmentsInvested capital$76.51BResult 6.1% | 10.22xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$7.18BoperatingIncomeNet PP&E$702.20MpropertyPlantAndEquipmentNetResult 10.22x |
| 2023 | 63.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$746.75MpropertyPlantEquipmentInventory$269.33BinventoryTotal assets$427.28BtotalAssetsResult 63.2% | 180.02xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$134.43BtotalRevenueNet PP&E$746.75MpropertyPlantEquipmentResult 180.02x | 1.27xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$192.15McapitalExpendituresD&A$150.87MdepreciationAndAmortizationResult 1.27x | $49.24Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$427.28BtotalAssetsGoodwill$690.23MgoodWillIntangibles$42.60MintangibleAssetsLiabilities$336.34BtotalLiabTangible book$90.21BShares1,832,100,000commonStockSharesOutstandingResult $49.24 | 0.95xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.12BebitdaCapex$192.15McapitalExpendituresInterest$386.50MinterestExpenseShort-term debt$9.03BshortLongTermDebtEBITDA − capex$8.93BPrincipal due is the current portion of debt.Result 0.95x | $24.22BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$24.41BtotalCashFromOperatingActivitiesCapex$192.15McapitalExpendituresFree cash flow$24.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $24.22B | 8.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.53BoperatingIncomeTax expense$2.25BincomeTaxExpensePretax income$8.58BincomeBeforeTaxTax rate26.2%Equity$33.46BtotalStockholderEquityDebt$83.23BshortLongTermDebtTotalCash$51.12BcashAndShortTermInvestmentsInvested capital$65.56BResult 8.5% | 10.09xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$7.53BoperatingIncomeNet PP&E$746.75MpropertyPlantEquipmentResult 10.09x |
| 2024 | 60.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$783.09MpropertyPlantEquipmentInventory$247.03BinventoryTotal assets$412.48BtotalAssetsResult 60.1% | 182.59xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$142.99BtotalRevenueNet PP&E$783.09MpropertyPlantEquipmentResult 182.59x | 1.51xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$221.89McapitalExpendituresD&A$147.27MdepreciationAndAmortizationResult 1.51x | $52.67Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$412.48BtotalAssetsGoodwill$690.23MgoodWillIntangibles$41.39MintangibleAssetsLiabilities$309.98BtotalLiabTangible book$101.77BShares1,932,387,000commonStockSharesOutstandingResult $52.67 | 1.48xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.33BebitdaCapex$221.89McapitalExpendituresInterest$635.60MinterestExpenseShort-term debt$6.19BshortTermDebtEBITDA − capex$10.11BPrincipal due is short-term debt.Result 1.48x | $3.52BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.74BtotalCashFromOperatingActivitiesCapex$221.89McapitalExpendituresFree cash flow$3.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.52B | 10.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.19BoperatingIncomeTax expense$4.49BincomeTaxExpensePretax income$10.88BincomeBeforeTaxTax rate40.0%Equity$37.56BtotalStockholderEquityDebt$84.64BshortLongTermDebtTotalCash$62.46BcashAndShortTermInvestmentsInvested capital$59.74BThe effective tax rate was above 40% and was capped at 40%.Result 10.2% | 13.01xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$10.19BoperatingIncomeNet PP&E$783.09MpropertyPlantEquipmentResult 13.01x |
| 2025 | 59.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$813.98MpropertyPlantAndEquipmentNetInventory$219.35BinventoryTotal assets$368.41BtotalAssetsResult 59.8% | 168.05xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$136.79BtotalRevenueNet PP&E$813.98MpropertyPlantAndEquipmentNetResult 168.05x | 2.22xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$326.15McapitalExpendituresD&A$146.98MdepreciationAndAmortizationResult 2.22x | $40.52Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$368.41BtotalAssetsGoodwill$690.23MgoodWillIntangibles$37.18MintangibleAssetsLiabilities$284.22BtotalLiabTangible book$83.46BShares2,059,569,000commonStockSharesOutstandingResult $40.52 | 0.98xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.10BebitdaCapex$326.15McapitalExpendituresInterest$458.48MinterestExpenseShort-term debt$9.52BshortLongTermDebtEBITDA − capex$9.78BPrincipal due is the current portion of debt.Result 0.98x | $20.96BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$21.28BtotalCashFromOperatingActivitiesCapex$326.15McapitalExpendituresFree cash flow$20.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.96B | 7.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.96BoperatingIncomeTax expense$4.19BincomeTaxExpensePretax income$9.74BincomeBeforeTaxTax rate40.0%Equity$30.11BtotalStockholderEquityDebt$99.43BshortLongTermDebtTotalCash$50.65BcashInvested capital$78.90BThe effective tax rate was above 40% and was capped at 40%.Result 7.6% | 12.23xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$9.96BoperatingIncomeNet PP&E$813.98MpropertyPlantAndEquipmentNetResult 12.23x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $813.98M
Inventory: $219.35B
Total assets: $368.41B
Goodwill: $690.23M
Intangibles: $37.18M
Liabilities: $284.22B
Tangible book: $83.46B
Shares: 2,059,569,000
Revenue: $136.79B
Capex: $326.15M
D&A: $146.98M
EBITDA: $10.10B
Interest: $458.48M
Short-term debt: $9.52B
Free cash flow: $20.96B
Operating income: $9.96B
Invested capital: $78.90B
Tax rate: 40.0%